Netflix, Warner Bros. Discovery and AMC Networks are among the top media and technology winners in the stock market’s “Santa Claus Rally.”

Shares of Netflix, Warner Bros. Discovery and AMC Networks were among the biggest winners today in a so-called “Santa Claus rally” at the end of a difficult year for media and technology stocks.

The tech-heavy Nasdaq ended the day down 2.6% to close at 10,478.09, but remains on track for its worst year since 2008. Still, the Santa Claus rally — a nickname for an ongoing holiday — rally – a real thing. And it can often bode well for the new year. According to FactSet, the S&P 500 index rose an average of 1.3% annually for the last five trading days of the year and the first two of the new since 1950. It then closed the full year up 79%. the whole time.

Encouraging data on employment trends, inflation, which has slowed somewhat recently, along with bargain hunting among value investors were other reindeer pulling Santa’s sleigh.

Netflix rose more than 5% to $291.44. The stock received a rare double upgrade from Wall Street research firm CFRA, which raised its rating from “buy” to “sell” and sidestepped the medium recommendation level after an upbeat assessment of the company’s new ad-backed current level. As with the industry as a whole, Netflix’s recovery after a sharp decline in recent months has been short-lived. Shares are down about 50% so far in 2022.

Other winners today included WBD, up 6% to $9.43; Chicken Soup for the Soul Entertainment, 8% to $5.52; AMC Networks, 7% at $15.48; and Endeavor Group Holdings, fell 6% to $21.93.

Among large-cap stocks, Apple, Amazon, Disney and Meta Platforms also posted gains of between 3% and 4%.

A small handful of declining stocks were Innovid, Dolphin Entertainment and National CineMedia, but they only sold between a fraction and 1% on the day.

Tomorrow is the last trading day of 2022. On New Year’s Day, markets are closed on Monday and trading in 2023 officially begins on Tuesday.